Bookkeeping Guidelines
Bookkeeping Guidelines
A. General Guidelines
1. The statement of cash receipts and disbursement is to be prepared monthly
2. Receipts should be issued or all cash received. These receipts are to be recorded in the cash receipts journal.
3. Vouchers should be prepared for every disbursement. All vouchers should be numbered consecutively and used chronologically. Vouchers should be recorded in the cash disbursements journal and supported by official receipts.
4. The basis of the statement of cash receipts and cash disbursement is the cash receipt book and the cash disbursement book.
5. The cash balance beginning is the cash ending of the previous month. The cash ending should be accounted for in terms of the cash on hand and the cash in bank. A photocopy of the bank statement should be submitted with the monthly report.
6. All vouchers/payments should be approved by the Treasurer.
B. The Petty Cash Fund
1. The petty cash fund is established to pay petty expenses or expenses of small amounts. These expenses do not require payment by check not is it practical to pay them by means of a check.
2. When the fund runs low, the Petty Cash Custodian prepares a Petty Cash Summary Report to replenish the Fund. This Fund must be kept in the imprest basis, that is, the total unreplenished vouchers and the Cash on Hand must equal the amount of fund.
II. Chart of Accounts
A. Assets
1. Cash on Hand- represents cash received periodically from donations and other similar transactions. This could be in the form of bills, coins and checks.
2. Petty Cash Fund- this fund is set up to take care of small expenses not exceeding P1,000.00
3. Cash in Bank- This represents cash deposited in the depository banks.
4. Investment – This is fund invested on a short –term or long term basis.
B. Liabilities and fund balance
1. Accounts Payable- These are obligations to xxxxxxxxxxxxxxx, etc. for remittance
2. Fund Balance- This refer to the accumulated net balance
C. Income
1.
A. General Guidelines
1. The statement of cash receipts and disbursement is to be prepared monthly
2. Receipts should be issued or all cash received. These receipts are to be recorded in the cash receipts journal.
3. Vouchers should be prepared for every disbursement. All vouchers should be numbered consecutively and used chronologically. Vouchers should be recorded in the cash disbursements journal and supported by official receipts.
4. The basis of the statement of cash receipts and cash disbursement is the cash receipt book and the cash disbursement book.
5. The cash balance beginning is the cash ending of the previous month. The cash ending should be accounted for in terms of the cash on hand and the cash in bank. A photocopy of the bank statement should be submitted with the monthly report.
6. All vouchers/payments should be approved by the Treasurer.
B. The Petty Cash Fund
1. The petty cash fund is established to pay petty expenses or expenses of small amounts. These expenses do not require payment by check not is it practical to pay them by means of a check.
2. When the fund runs low, the Petty Cash Custodian prepares a Petty Cash Summary Report to replenish the Fund. This Fund must be kept in the imprest basis, that is, the total unreplenished vouchers and the Cash on Hand must equal the amount of fund.
II. Chart of Accounts
A. Assets
1. Cash on Hand- represents cash received periodically from donations and other similar transactions. This could be in the form of bills, coins and checks.
2. Petty Cash Fund- this fund is set up to take care of small expenses not exceeding P1,000.00
3. Cash in Bank- This represents cash deposited in the depository banks.
4. Investment – This is fund invested on a short –term or long term basis.
B. Liabilities and fund balance
1. Accounts Payable- These are obligations to xxxxxxxxxxxxxxx, etc. for remittance
2. Fund Balance- This refer to the accumulated net balance
C. Income
1.